Expect Less Reg Anxiety, More Credit Talk at ABS East
Expect less anxiety about impending regulations and more talk about deteriorating credit quality when securitization market participants convene in Miami next week.
CDOs
Angelo Gordon Placing More Stock in Credit
Joshua Baumgarten will leave The Blackstone Group in 2016 for Angelo, Gordon & Co. where he has been named head of credit.
BAML: 2015 Euro CLO Issuance On Track to Beat 2014
Issuance of European CLOs is running ahead of last years pace, and analysts at Bank of America expect this to continue, despite a recent drop in the origination of new loans.
Santander’s U.S. Unit Doubles Down on Subprime
Santander Consumer is boosting its subprime loan book, while CLO investors should be shrugging off the bankruptcy of Alpha Natural Resources.
Steven Noreika Named CFO at Fifth Street Subsidiarie
Steven Noreika has been named chief financial officer at Fifth Street Finance Corp. (FSC) and Fifth Street Senior Floating Rate Corp. (FSFR), replacing Richard Petrocelli.
A New Product for Chinese Stock Exchanges?
Moody’s explains why listing CLOs on Shanghai and Shenzhen’s bourses would help Chinese banks, while a deal between Ford and tech startup Getaround could mean a new twist on auto loans.
Moody’s: Chinese CLOs Would Benefit from Bourse Listing
Moodys Investors Service today put out a report saying that listing Chinese collateralized loan obligations on local stock exchanges would be a boon to bank issuers.
Big Defeat for Underwater Homeowners with 2nd Mortgages
Bank of America scored a legal victory this week for all holders of second liens when the Supreme Court ruled that bankruptcy courts cannot void a second mortgage because it exceeds the value of the home.
SCOTUS Backs Rights of Second-Lien Lenders
The Supreme Court has ruled that bankruptcy courts cannot void a second lien because it exceeds the value of the collateral.
How Solvency II Might Hit Demand for U.S. Asset-Backeds
Its not clear how much capital European insurers will need to hold against their investments in U.S. securitizations or whether they can even invest in some of these deals at all.
Fifth Street Hires CLO Pro David Heilbrunn
Fifth Street Asset Management (FSAM) is adding David Heilbrunn as a managing director and member of its management committee, the Greenwich, Conn.-based company said Thursday.
Investors Urge CLO Managers to Put Their Skin in the Game
At IMN’s CLO conference this week, investors urged CLO managers to comply with risk retention, while Republican Congressman Andy Bar is pushing for exemptions before the rule’s 2016 deadline.
CLO Issuance Slows Down, Eating into 2015 Forecast
CLO issuance starts the year slower-than-expected, leading Barclays to trim their full-year forecast, and the Department of Education drops a handful of debt collectors for student loans over dodgy practices.
ABS Vegas: Barney Frank Says Risk Retention is Enough
Former Congressman Barney Frank, co-author of the Dodd-Frank Wall Street Reform Act, is not opposed to changes in the eponymous legislation, but in some cases he thinks the rules should be tightened, rather than loosened. In his keynote address to a standing-room only crowd in the main room at ABS Vegas 2015, the Structured Finance […]
ECB Plan Makes ABS Too Pricey For Some
As part of its asset backed securities purchasing program (ABSPP) launched in November, the ECB is buying portions of senior tranches and encouraging market investors to join in.
Risk Retention Rules Published in Federal Register
Final rules requiring sponsors of securitizations to retain skin in the game were published in the Federal Register today.
ASR Update
This week’s webcast: CLO’s safe from tanking energy prices; George Kok returns to Morgan Stanley; and multi-family/commercial mortgages volume hits record high.
Regulatory Clarity Makes for a Steadier Ship in 2015
Regulatory clarity is an integral factor in Fitch Ratings stable outlook for the securitization market in 2015.
ASR Update
In this weeks’ webcast: two new kinds of “green” securitizations are in the market, and Highland Capital adds to its CLO expertise.
ASR Update
In this week’s webcast: risk retention rules for securitizations are kinder to mortgages than other asset classes. CLOs were hit especially hard, with no exemptions.
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